Belk CEO Tim Belk retires; Lisa Harper succeeds

CHARLOTTE, N.C., 2016-Jul-02 — /EPR Retail News/ — The Board of Directors of Belk, Inc. today announced that Tim Belk will retire as chief executive officer of the company in July 2016. He will continue to serve on the Belk Board. Lisa Harper, who previously served as chief executive officer of Hot Topic, Inc., will succeed Tim Belk as CEO, effective July 5, 2016

“After managing through the ownership transition and filling a number of key management positions, I’ve decided this is an opportune time for me to retire as CEO of Belk,” said Tim Belk. “It has been an honor to continue my family’s legacy by serving the company over the past 35 years. I would like to express my gratitude to the thousands of associates, both current and former, and the customers who have helped create the company Belk is today. Their commitment to and passion for our company has been incredible.”

He added, “I also appreciate the partnership we’ve developed with Stefan Kaluzny and Sycamore Partners. Their vision and expertise will carry the company forward to even greater success. A North Carolina native who worked on the selling floor at Belk as one of her first jobs, Lisa Harper brings more than two decades of experience across the retail industry. I am confident she will be a dynamic leader who will carry forth our values, our brand, and our focus on our customers. I look forward to working with Lisa during a transition period in July and in my continued role as a board member.”

Stefan Kaluzny, chairman of the Belk, Inc. Board of Directors and managing director of Sycamore Partners, said, “Tim’s vision and passion as a leader were among the qualities that first attracted us to Belk, and I look forward to continuing to work with him on the Board. We are excited for the company’s next chapter, and we believe Lisa will position Belk for future success as we build on the company’s legacy and continue to deliver its Modern. Southern. Style.”

Tim Belk has served as CEO of the company since 2004. He joined the company in 1981 as a management trainee, and has served in a variety of roles, including buyer, store manager, divisional merchandise manager for men’s and boys, senior vice president of human resources, and president of stores and real estate. He led the company through the acquisitions of Parisian, Proffitt’s and McRae’s.

About Lisa Harper
Harper served as CEO of Hot Topic from March 2011 until June 2016. She will continue to serve on the Hot Topic Board of Directors, which she joined in June 2008.

Harper served as CEO from 2001 to 2006 and Chairman from 2002-2006 of the Gymboree Corporation, a publicly traded company operating a chain of specialty retail stores for children and women. She also held various creative, merchandising and design positions at Gymboree and, before that, held similar positions with several other clothing retailers, including Limited Too, Esprit de Corp., GapKids, Mervyn’s, and Levi Strauss.

Harper is a native of Durham, North Carolina and attended the University of North Carolina at Chapel Hill.

About Belk, Inc.
Belk, Inc., a private department store company based in Charlotte, N.C., is the home of Modern. Southern. Style. with 293 Belk stores located in 16 Southern states and a growing digital presence. Belk is a portfolio company of Sycamore Partners, a private equity firm based in New York. Belk and www.belk.com offer a wide assortment of national branded and private label fashion apparel, shoes and accessories for the entire family along with top name cosmetics, a wedding registry and a large selection of quality merchandise for the home.

Belk offers many ways to connect via digital and social media, including Facebook, Pinterest, Twitter, Instagram, YouTube and Google Plus, and provides exclusive offers, fashion updates, sales notifications and coupons via email or text messages. Customers can also download the latest Belk mobile apps for the iPad, iPhone or Android.

About Sycamore Partners
Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The firm has more than $3.5 billion in capital under management. The firm’s strategy is to partner with management teams to improve the operating profitability and strategic value of their businesses. The firm’s investment portfolio currently includes Aeropostale, Belk, Coldwater Creek, Dollar Express, EMP Merchandising, Hot Topic, the Kasper Group, MGF Sourcing, Nine West Holdings, Talbots and Torrid.

For further information:

Jessica Graham
vice president
communications and community relations
704-426-8333
Jessica_graham@belk.com

SOURCE: Belk, Inc.

Sycamore Partners Director Stefan Kaluzny: We are excited to have completed this acquisition and to begin our partnership with Belk

NEW YORK and CHARLOTTE, N.C., 2015-12-14 — /EPR Retail News/ — Sycamore Partners today announced that it has completed its acquisition of Belk, Inc. (“Belk” or the “Company”).

Stefan Kaluzny, Managing Director of Sycamore Partners, said, “We are excited to have completed this acquisition and to begin our partnership with Belk. The Company has developed a loyal base of customers over its 127-year history, and we believe Belk is positioned for continued growth and success. We look forward to working with Belk’s management team and associates as they build on the Company’s legacy and continue to serve its customers and deliver Modern. Southern. Style.”

Tim Belk, chief executive officer of Belk, Inc., said, “We are very pleased to complete this transaction with Sycamore Partners, which delivers meaningful value to all our stakeholders. Our partnership with Sycamore will contribute to Belk’s continued success, and we look forward to leveraging Sycamore’s deep knowledge of the retail market to best serve our dedicated customers and provide even greater opportunities for our valued team members.”

As previously announced, under the terms of the transaction, Tim Belk is continuing to serve as CEO of Belk, and the Company continues to be headquartered in Charlotte, North Carolina.

Goldman, Sachs & Co. acted as financial advisor and King & Spalding LLP acted as legal advisor to Belk. BofA Merrill Lynch acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Sycamore Partners.

About Belk, Inc.
Charlotte, NC-based Belk, Inc. (www.belk.com) is the nation’s largest family owned and operated department store company with 296 Belk stores located in 16 Southern states and a growing digital presence. Its belk.com website offers a wide assortment of national brands and private label fashion apparel, shoes and accessories for the entire family along with top name cosmetics, a wedding registry and a large selection of quality merchandise for the home. Founded in 1888 by William Henry Belk in Monroe, NC, the company is in the third generation of Belk family leadership and has been committed to community involvement since its inception. In the fiscal year ended January 31, 2015, the Company and its associates, customers and vendors donated more than $21.5 million to communities within Belk market areas.

Belk offers many ways to connect via digital and social media, including Facebook, Pinterest, Twitter, Instagram, YouTube and Google Plus, and provides exclusive offers, fashion updates, sales notifications and coupons via email or mobile phone text messages. Customers can also download the latest Belk mobile apps for the iPad, iPhone or Android.

About Sycamore Partners
Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The firm has more than $3.5 billion in capital under management. The firm’s strategy is to partner with management teams to improve the operating profitability and strategic value of their businesses. The firm’s investment portfolio currently includes Aeropostale, Coldwater Creek, Dollar Express, EMP Merchandising, Hot Topic, the Kasper Group, Kurt Geiger, MGF Sourcing, Nine West Holdings, Talbots and Torrid.

SOURCE Belk, Inc.

For further information: For Belk: Ralph Pitts, Belk, Inc., 704-426-8402; For Sycamore Partners: Michael Freitag or Arielle Rothstein, Joele Frank, Wilkinson Brimmer Katcher, 212-355-4449

Funds managed by Sycamore Partners to acquire 100% of Belk, Inc. for approximately $3.0 billion

  • Belk Stockholders to Receive $68.00 per share in cash
  • Tim Belk to remain CEO
  • Company headquarters to stay in Charlotte, N.C.

CHARLOTTE, N.C., 2015-8-24— /EPR Retail News/ — Belk, Inc., the nation’s largest family owned and operated fashion department store company, today announced that it has entered into a definitive merger agreement whereby investment funds managed byNew York-based private equity firm Sycamore Partners will acquire 100% of Belk in a transaction with an estimated enterprise value at closing of approximately $3.0 billion. Under the terms of the merger agreement, all Belk stockholders will receive $68.00per share in cash for each share of Belk common stock they own.

Tim Belk, chairman and chief executive officer of Belk, Inc., said, “We are delighted to have found a financial partner that sees what we see in Belk: a 127-year-old brand that remains relevant today with exceptional customer loyalty in small, medium and large cities throughout the South. We plan to grow Belk by executing our current strategic initiatives and undertaking new growth initiatives together with Sycamore. This transaction is an across-the-board win for our stakeholders.”

Stefan Kaluzny, Managing Director of Sycamore Partners, said, “We have great respect for Belk’s management team and associates, its deeply rooted brand, its footprint of stores and its growing online presence. Belk is exactly the kind of investment we look for: an outstanding brand with a proven success formula and the potential for further growth.”

Under the terms of the transaction, Tim Belk will remain CEO of Belk and the company will continue to be headquartered in Charlotte.

The merger agreement was unanimously approved by Belk’s board of directors. The merger is subject to certain customary conditions, including the receipt of regulatory and stockholder approval, and is expected to be completed in the fourth quarter of calendar 2015.

Certain Belk stockholders have agreed to vote shares owned or controlled by them representing, in the aggregate, a majority of the voting power of Belk’s shares, in favor of the transaction.

Goldman, Sachs & Co. is acting as financial advisor and King & Spalding LLP is acting as legal advisor to Belk. BofA Merrill Lynch is acting as financial advisor and Kirkland & Ellis LLP is acting as legal advisor to Sycamore Partners.

Important Additional Information Regarding the Merger Will Be Filed With The SEC

In connection with the proposed merger, Belk, Inc. will file with the Securities and Exchange Commission (the “SEC”) and furnish to its stockholders a proxy statement and other relevant documents. BEFORE MAKING ANY VOTING DECISION, BELK, INC.’S STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER.

Investors will be able to obtain a free copy of the proxy statement, when available, and other relevant documents filed by Belk, Inc. with the SEC at the SEC’s website at www.sec.gov.  In addition, investors may obtain a free copy of the proxy statement, when available, and other relevant documents from Belk, Inc.’s website at www.belk.com or by directing a request to: Belk, Inc., 2801 West Tyvola Road, Charlotte, NC 28217, ATTN: Investor Relations 704-357-1000.

Participation in the Solicitation

Belk, Inc. and its directors, executive officers and certain other members of management and employees of Belk, Inc. may be deemed to be “participants” in the solicitation of proxies from the stockholders of Belk, Inc. in connection with the proposed merger.  Information regarding the interests of the persons who may, under the rules of the SEC, be considered participants in the solicitation of the stockholders of Belk, Inc. in connection with the proposed merger, which may be different than those of Belk, Inc.’s stockholders generally, will be set forth in the proxy statement and the other relevant documents to be filed with the SEC.  Stockholders can find information about Belk, Inc. and its directors and executive officers and their ownership of Belk, Inc.’s common stock in Belk, Inc.’s annual report on Form 10-K for the fiscal year ended January 31, 2015, which was filed with the SEC on April 14, 2015, and in its definitive proxy statement for its most recent annual meeting of stockholders, which was filed with the SEC on April 23, 2015, and in Forms 4 of directors and executive officers filed with the SEC.  Additional information regarding the interests of such individuals in the proposed merger will be included in the proxy statement relating to the merger when it is filed with the SEC.  These documents may be obtained free of charge from the SEC’s website at www.sec.gov and Belk, Inc.’s website at www.belk.com.

Forward-Looking Statements

Certain statements made in this press release, and other written or oral statements made by or on behalf of the Company, may constitute “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as our expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. You can identify these forward-looking statements through our use of words such as “may,” “will,” “intend,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “continue” or other similar words.  Examples of forward-looking statements in this news release include, but are not limited to, statements about the price, terms and closing date of the proposed transaction, and statements regarding stockholder and regulatory approvals and the satisfaction of various other conditions to the closing merger contemplated by the merger agreement. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results, expectations, or outcomes to differ materially from our historical experience as well as management’s present expectations or projections. These risks and uncertainties include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (ii) the inability to complete the proposed merger due to the failure to obtain Belk, Inc. stockholder approval for the proposed merger or the failure to satisfy other conditions of the proposed merger within the proposed timeframe or at all; (iii) the failure to obtain the necessary financing arrangements as set forth in the debt and equity commitment letters delivered pursuant to the merger agreement, or the failure of the proposed merger to close for any other reason; (iv) risks related to disruption of management’s attention from Belk, Inc.’s ongoing business operations due to the transaction; (v) the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted against Belk, Inc. and others relating to the merger agreement; (vi) the risk that the pendency of the proposed merger disrupts current plans and operations and the potential difficulties in employee retention as a result of the pendency of the proposed merger; (vii) the effect of the announcement of the proposed merger on Belk, Inc.’s relationships with its customers, operating results and business generally; and (viii) the amount of the costs, fees, expenses and charges related to the proposed merger. Consider these factors carefully in evaluating the forward-looking statements. Additional factors that may cause results to differ materially from those described in the forward-looking statements are set forth in Belk, Inc.’s Annual Report on Form 10—K for the fiscal year ended January 31, 2015, which was filed with the SEC on April 14, 2015, under the heading “Item 1A. Risk Factors,” and in its subsequently filed reports with the SEC, including Forms 10-Q and 8-K.  Readers are cautioned not to place undue reliance on the forward-looking statements included in this news release, which speak only as of the date hereof. Belk, Inc. does not undertake to update any of these statements in light of new information or future events.

About Belk, Inc.
Charlotte, N.C.-based Belk, Inc. (www.belk.com) is the nation’s largest family owned and operated department store company with close to 300 Belk stores located in 16 Southern states and a growing digital presence. Its belk.com website offers a wide assortment of national brands and private label fashion apparel, shoes and accessories for the entire family along with top name cosmetics, a wedding registry and a large selection of quality merchandise for the home. Founded in 1888 by William Henry Belk in Monroe, N.C., the company is in the third generation of Belk family leadership and has been committed to community involvement since its inception. In the fiscal year ended January 31, 2015, the company and its associates, customers and vendors donated more than $21.5 million to communities within Belk market areas.

Belk offers many ways to connect via digital and social media, including Facebook, Pinterest, Twitter, YouTube, Google Plus and Belk Blog, and provides exclusive offers, fashion updates, sales notifications and coupons via email or mobile phone text messages. Customers can also download the latest Belk mobile apps for the iPad, iPhone or Android.

About Sycamore Partners
Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The firm has more than $3.5 billion in capital under management. The firm’s strategy is to partner with management teams to improve the operating profitability and strategic value of their businesses. The firm’s investment portfolio currently includes Aeropostale, Coldwater Creek, EMP Merchandising, Hot Topic, the Kasper Group, Kurt Geiger, MGF Sourcing, Nine West Holdings, Pathlight Capital, Talbots and Torrid.

SOURCE Belk, Inc.

For further information: Jessica Graham, Belk, Inc., 704-426-8333, jessica_graham@belk.com

###

Funds managed by Sycamore Partners to acquire 100% of Belk, Inc. for approximately $3.0 billion

Funds managed by Sycamore Partners to acquire 100% of Belk, Inc. for approximately $3.0 billion

Belk, Inc., announces operating results for its fiscal third quarter and nine months ended November 1, 2014

CHARLOTTE, NC, 2014-12-8 — /EPR Retail News/ — Belk, Inc., the nation’s largest family owned and operated fashion department store company, today announced operating results for its fiscal third quarter and nine months ended November 1, 2014.

Tim Belk, chairman and chief executive officer of Belk, Inc., said, “Third quarter sales were essentially flat, in line with most of the department store sector. The slowdown in sales, coupled with the increase in expense associated with our ongoing strategic investments, resulted in a year-over-year decline in profits. Our eCommerce business continues to show strong growth, and we were pleased with the opening of two new stores and three expanded and remodeled flagships in October. We believe we are well positioned for the holiday season and are encouraged by the prospects for an improved trend.”

Net Sales

Net sales for the 13-week period were $859.5 million, 0.1% below the prior-year period. On a comparable store basis, net sales were -0.8%. The best performing merchandise categories during the quarter included active wear across all categories, women’s contemporary and modern sportswear, men’s and kid’s apparel.

The company’s online sales from belk.com increased 46% for the period. The “Yes! We Have It” item locator program and store fulfillment of digital sales initiatives are contributing to this growth by providing customers with expanded access to the Company’s inventories.

Year-to-date sales increased 0.2 % to $2.72 billion compared to the same 39-week period last year. On a comparable store sales basis, sales were -0.1%. eCommerce sales grew 44% for the period.

Net Loss/Net Income

The company’s third quarter net loss was $8.2 million compared to net income of $3.6 million for the same prior-year period. Net income year-to-date was $41.7 million compared to $62.2 million for the same 39-week period last year. Excluding non-comparable items, the net loss for the quarter was $8.5 million compared to net income of $4.6 million for the prior year, and net income year-to-date was $40.9 million versus $63.6 million for the prior year. A reconciliation of net income to net income excluding non-comparable items is provided at the end of this release.

New Stores, Store Expansions and Remodels

Belk celebrated the opening of two new fashion stores on October 15, 2014 – at Juban Crossing in Denham Springs, LA and a new flagship store at Bridge Street Town Centre in Huntsville, AL. In addition, the company completed the expansion and remodels of two new flagship stores at Friendly Center in Greensboro, NC and Mount Pleasant Towne Centre in Mount Pleasant, SC and an existing flagship store at Riverchase Galleria in Hoover, AL.

Investments in Strategic Initiatives

Belk has planned investments totaling more than $700 million over a three-year period that began in fiscal 2014 for key strategic initiatives focused on:

  • A comprehensive Omnichannel initiative that will enable Belk to connect seamlessly with customers regardless of where they are, offer multiple ways to provide what they want, enhance their in-store shopping experience, and create more personalized customer interactions;
  • Creating compelling shopping environments and driving sales by investing in a flagship strategy, opening stores in existing and new markets, and expanding and remodeling existing stores and key merchandise departments;
  • Supply chain initiatives that align distribution capabilities to maximize sales and service;
  • Information technology that delivers new business capabilities for growth and profitability; and
  • Excelling in customer service.

About Belk, Inc.
Charlotte, NC-based Belk, Inc. (www.belk.com) is the nation’s largest family owned and operated department store company with 300 Belk stores located in 16 Southern states and a growing digital presence.  Its belk.com website offers a wide assortment of national brands and private label fashion apparel, shoes and accessories for the entire family along with top name cosmetics, a wedding registry and a large selection of quality merchandise for the home. Founded in 1888 by William Henry Belk in Monroe, NC, the company is in the third generation of Belk family leadership and has been committed to community involvement since its inception. In the fiscal year ended Feb. 1, 2014, the company and its associates, customers and vendors donated more than $20.9 million to communities within Belk market areas.

Belk offers many ways to connect via digital and social media, including Facebook, Pinterest, Twitter, Instagram, YouTube and Google Plus, and provides exclusive offers, fashion updates, sales notifications and coupons via email or mobile phone text messages. Customers can also download the latest Belk mobile apps for the iPad, iPhone or Android.

NOTES:

To provide clarity in measuring Belk’s financial performance, Belk supplements the reporting of its consolidated financial information under generally accepted accounting principles (GAAP) with the non-GAAP financial measure of “net income excluding non-comparable items.” Belk believes that “net income excluding non-comparable items” is a financial measure that emphasizes the Company’s core ongoing operations and enables investors to focus on period-over-period operating performance. It is among the primary indicators Belk uses in planning and operating the business and forecasting future periods, and Belk believes this measure is an important indicator of recurring operations because it excludes items that may not be indicative of or are unrelated to core operating results. Belk also excludes such items when evaluating company performance in connection with its incentive compensation plans. In addition, this measure provides a better baseline for modeling future earnings expectations and makes it easier to compare Belk’s results with other companies that operate in the same industry. Net income is the most directly comparable GAAP measure. The non-GAAP measure of “net income excluding non-comparable items” should not be considered in isolation or as a substitute for GAAP net income.

Certain statements made in this news release, and other written or oral statements made by or on behalf of the Company, may constitute forward-looking statements. Statements regarding future events and developments and the Company’s future performance, as well as our expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “intend,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “continue” or other similar words.

Forward-looking statements include information concerning possible or assumed future results from merchandising, marketing and advertising in our stores and through the Internet, general economic conditions, and our ability to be competitive in the retail industry, our ability to execute profitability and efficiency strategies, our ability to execute growth strategies, anticipated benefits from our strategic initiatives to strengthen our merchandising and planning organizations, anticipated benefits from our belk.com website and our eCommerce fulfillment center, the expected benefits of new systems and technology, and the anticipated benefits under our Program Agreement with GE Capital Retail Bank (“GECRB”). These forward-looking statements are subject to certain risks and uncertainties that may cause our actual results to differ significantly from the results we discuss in such forward-looking statements.

We believe that these forward-looking statements are reasonable. However, you should not place undue reliance on such statements. Any such forward-looking statements are qualified by the following important risk factors and other risks which may be disclosed from time to time in our filings that could cause actual results to differ materially from those predicted by the forward-looking statements. Forward-looking statements relate to the date initially made.

Risks and uncertainties that might cause our results to differ from those we project in our forward-looking statements include, but are not limited to:

• Economic, political and business conditions, nationally and in our market areas, including rates of economic growth, interest rates, inflation or deflation, consumer credit availability, levels of consumer debt and bankruptcies, tax rates and policy, unemployment trends, a health pandemic, catastrophic events, potential acts of terrorism and threats of such acts and other matters that influence consumer confidence and spending;

• Our ability to anticipate the demands of our customers for a wide variety of merchandise and services, including our predictions about the merchandise mix, quality, style, service, convenience and credit availability of our customers;

• Unseasonable and extreme weather conditions in our market areas;

• Seasonal fluctuations in quarterly net income due to the significant portion of our revenues generated during the holiday season in the fourth fiscal quarter and the significant amount of inventory we carry during that time;

• Competition from other department and specialty stores and other retailers, including luxury goods retailers, general merchandise stores, Internet retailers, mail order retailers and off-price and discount stores, in the areas of price, merchandise mix, quality, style, service, convenience, credit availability and advertising;

• Any significant damage to our brand or reputation which could negatively impact sales, diminish customer trust and generate negative sentiment;

• Our ability to prevent a security breach that results in the unauthorized disclosure of Company, employee or customer information;

• Loss of key management or qualified employees or an inability to attract, retain and motivate additional highly skilled employees;

• Our ability to successfully implement our new information technology platform that will impact our primary merchandising, planning and core financial process;

• Our ability to manage multiple significant change initiatives simultaneously;

• Our ability to effectively use advertising, marketing and promotional campaigns to generate high customer traffic in our stores and through online sales;

• Variations in the amount of vendor allowances received;

• Our ability to successfully operate our website, and our fulfillment facilities and manage our social community engagement by providing a broader range of our information online, including current sales promotions and special events;

• Our ability to successfully develop and maintain a relevant and reliable Omnichannel experience for our customers;

• Our ability to find qualified vendors from which to source our merchandise and our ability to access products in a timely and efficient manner from a wide variety of domestic and international vendors; and to deliver in a timely and cost-efficient manner;

• Increases in the price of merchandise, raw materials, fuel and labor or their reduced availability;

• The income we receive from, and the timing of receipt of, payments from GECRB, the operator of our private label credit card business, which depends upon the amount of purchases made through the proprietary credit cards, changes in customers’ credit card use, and GECRB’s ability to extend credit to our customers;

• Our ability to manage our expense structure;

• Our ability to continue to open new stores, or to remodel or expand existing stores, including the availability of existing retail stores or store sites on acceptable terms and our ability to successfully execute our retailing concept in new markets and geographic regions;

• Our ability to manage risks associated with owning and leasing real estate;

• The efficient and effective operation of our distribution network, and information systems to manage sales, distribution, merchandise planning and allocation functions;

• The effectiveness of third parties in managing our outsourced business;

• Changes in federal, state or local laws and regulations; and

• Our ability to comply with debt covenants, which could adversely affect our capital resources, financial condition and liquidity.

For a detailed description of the risks and uncertainties that might cause our results to differ from those we project in our forward-looking statements, we refer you to the section captioned “Risk Factors” in our annual report on Form 10-K for the fiscal year ended February 1, 2014 that we filed with the SEC on April 15, 2014. Our other filings with the SEC may contain additional information concerning the risks and uncertainties listed above, and other factors you may wish to consider. Upon request, we will provide copies of these filings to you free of charge.

Our forward-looking statements are based on current expectations and speak only as of the date of such statements.

For further information: Ralph Pitts, ralph_pitts@belk.com, 704-426-8402